Quarkchain Finally Delivering on Past Hype? 37% Growth Sends QKC Into Top Hundred
Anyone who was around for the peak of the ICO craze in early 2018 may remember Quarkchain (QKC). It was highly ranked on ICO spreadsheets, was backed by team members who named the likes of Google, Facebook and Dell as former employers, and was one of the most hyped coin offerings of the year.
Quarkchain Back Story
One of Hacked’s own authors ranked the project as an 8/10 back in May, and the general feeling was that QKC was a sure thing. But after launching at a token price of around $0.23, things turned south quickly as the broader market, and in particular, Ethereum, plunged throughout the year.
The ERC-20 based token fell 91% in value from June to August, hitting a valuation of $0.018535 during the market dip in the autumn months.
But that’s where things turned round for QKC, and the token went on a run which saw 166% gains to date.
QKC Price Continues to Rise
The trend has continued into this week, with 37% gains coming in the last four days alone – enough to carry the token from the $0.035 range up to just below the $0.050 mark.
That sent QKC into the market cap top hundred with a market capitalization of around $38 million – a figure which would have been lucky to gain entry into the top three hundred just six months ago.
Quarkchain can thank Binance for its recent gains, with 95% of the day’s $5 million trades coming from the prominent exchange. The QKC/BTC pair made up 90% of the day’s action, with the QKC/ETH pair producing around 5%.
So what’s triggered QKC’s sudden growth of late? Well, the drop to 300 satoshis in August may have helped matters, and the Quarkchain team have continued to maintain an active presence on social media, Medium, and developer conferences around the globe since the token’s launch.
The recent launch of the Quarkchain testnet 2.0 may also have registered on investors’ radars lately, as the project gears up for a move away from Ethereum and onto its own mineable blockchain.
Indeed, the testnet 2.0 will feature its own mining capabilities, with testnet incentives in the form off tQKC tokens. According to the Medium blog announcement:
“In order to trigger everyone’s enthusiasm to participate the mining activities of QuarkChain Testnet 2.0, we decide to launch mining award. Users who participate in the mining of the testnet and obtain the test tokens (tQKC) can be converted to the QKC of the mainnet in a certain ratio after the launch of mainnet…”
The testnet launch is in line with the Q4 roadmap date which had been set, and the roadmap also puts a Q4 date on the eventual launch of the Quarkchain mainnet, although no specific date has been set as of yet.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.